Indicate in the table below the financial statement on which each of the following accounts appear.

Account Income Statement Statement of Changes in Owner's Equity Balance Sheet
1. Cash in Bank
2. Utilities Expense
3. Accounts Payable
4. Commissions
5. Capital
6. Withdrawals

Answer:

                                   Income Statement          Statement of            Balance

                                                                             Changes in              Sheet

                                                                           Owner's Equity

1. Cash in Bank                   NO                                 NO                        YES

2. Utilities Expense            YES                                NO                         NO

3. Accounts Payable          NO                                 NO                        YES

4. Commissions                 YES                                NO                        NO

5. Capital                             NO                               YES                       YES

6. Withdrawals                   NO                                 YES                       NO

Cash in bank is an Asset so will be in the balance sheet.

Utilities expense goes to the Income statement alone because that is where expenses go.

Accounts Payable is a liability so will be in the Balance Sheet.

Commission is an expense.

Capital will be shown in both the Statement of Changes in Owner's Equity and the Balance Sheet

Withdrawals are a change in Owners equity and will be shown in the Statement of Changes in Owner's Equity.

                                  Income Statement          Statement of            Balance  

                                                                            Changes in              Sheet

                                                                           Owner's Equity

1. Cash in Bank                   NO                                 NO                        YES

2. Utilities Expense            YES                                NO                         NO

3. Accounts Payable          NO                                 NO                        YES

4. Commissions                 YES                                NO                        NO

5. Capital                             NO                               YES                       YES

6. Withdrawals                   NO                                 YES                       NO

In this way it should be categorized.

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Norman Dowd owns his own taxi, for which he bought a $11,400 permit to operate two years ago. Mr. Dowd earns $34,200 a year operating as an independent but has the opportunity to sell the taxi and permit for $41,000 and take a position as dispatcher for Carter Taxi Co. The dispatcher position pays $32,000 a year for a 40-hour week. Driving his own taxi, Mr. Dowd works approximately 55 hours per week. If he sells his business, he will invest the $41,000 and can earn a 9 percent return.

Required:
a. Determine the opportunity cost of owning and operating the independent business.
b. Calculate the earnings of Norman Dowd operating as an independent and the earnings of Norman Dowd working as a dispatcher. Based solely on financial considerations, should Mr. Dowd sell the taxi and accept the position as dispatcher?

Projects A and B are mutually exclusive. Project A has cash flows of −$10,000, $5,100, $3,400, and $4,500 for Years 0 to 3, respectively. Project B has cash flows of −$10,000, $4,500, $3,400, and $5,100 for Years 0 to 3, respectively. What is the crossover rate for these two projects?Projects A and B are mutually exclusive. Project A has cash flows of −$10,000, $5,100, $3,400, and $4,500 for Years 0 to 3, respectively. Project B has cash flows of −$10,000, $4,500, $3,400, and $5,100 for Years 0 to 3, respectively. What is the crossover rate for these two projects?

A price ceiling is Group of answer choices often imposed on markets in which "cutthroat competition" would prevail without a price ceiling. a legal maximum on the price at which a good can be sold. often imposed when sellers of a good are successful in their attempts to convince the government that the market outcome is unfair without a price ceiling. All of the above are correct.

Intercontinental Inc., uses a periodic inventory system. At the end of Year 2, the account records provided the following information relating to one of its products. Units Unit Cost Inventory, December 31, Year 1 1,830 $ 6 For Year 2: Purchase, March 21, Year 2 6,200 $ 5 Purchase, August 1, Year 2 4,070 $ 3 Inventory, December 31, Year 2 2,910 What is the amount of ending inventory and cost of goods sold under the LIFO inventory costing method

Firms manage a variety of current assets. Permanent current assets are necessary for firms to maintain their businesses, and they will be carried even through downturns in business cycles. Temporary current assets fluctuate seasonally or with business cycles. Firms must devise a financing strategy that best fits their business situation and that best manages their risk.
Use the following table to identify the different current asset financing policies
Description Financing policy
Long-term capital finances all fixed assets and the
non-seasonal portion of current assets, as well as
seasonal needs of current assets.
Long-term capital finances some permanent current assets,
but short-term debt finances all temporary current assets
and the remaining permanent current assets.
This current asset financing policy finances current assets
with liabilities that are expected to mature at the same time
the current asset will be liquidated.
Suppose a firm wants to take advantage of an upward-sloping yield curve. If the firm believes that interest rates will stay constant and it wants to use the current yield curve to bolster profits, which approach should the firm follow?
a. Conservative approach.
b. Maturity matching approach.
c. Aggressive approach.

When auditing the existence assertion for an asset, auditors proceed from the: Multiple Choice General ledger back to the supporting original transaction documents. Financial statement amounts back to the potentially unrecorded items. Potentially unrecorded items forward to the financial statement amounts. Supporting original transaction documents to the general ledger.

An All-Pro defensive lineman is in contract negotiations. The team has offered the following salary structure: Time Salary 0 $ 5,700,000 1 $ 4,300,000 2 $ 4,800,000 3 $ 5,300,000 4 $ 6,700,000 5 $ 7,400,000 6 $ 8,200,000 All salaries are to be paid in lump sums. The player has asked you as his agent to renegotiate the terms. He wants a $9.2 million signing bonus payable today and a contract value increase of $1,200,000. He also wants an equal salary paid every three months, with the first paycheck three months from now. If the interest rate is 4.7 percent compounded daily, what is the amount of his quarterly check

Genesis Scents has two divisions: the Cologne Division and the Bottle Division. The Bottle Division produces containers that can be used by the Cologne Division. The Bottle Division's variable manufacturing cost is $2, shipping cost is $0.10, and the external sales price is $3. No shipping costs are incurred on sales to the Cologne Division, and the Cologne Division can purchase similar containers in the external market for $2.60. The Bottle Division has sufficient capacity to meet all external market demands in addition to meeting the demands of the Cologne Division. Using the general rule, the transfer price from the Bottle Division to the Cologne Division would be:

Litton Company estimates that the factory overhead for the following year will be $1,250,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 40,000 hours. The machine hours for the month of April for all of the jobs were 4,780. If the actual factory overhead totaled $141,800, determine the over- or underapplied amount for the month.

Problem 8-15 Nonconstant Growth [LO1] Metallica Bearings, Inc., is a young start-up company. No dividends will be paid on the stock over the next nine years because the firm needs to plow back its earnings to fuel growth. The company will pay a dividend of $15 per share 10 years from today and will increase the dividend by 6 percent per year thereafter. If the required return on this stock is 12 percent, what is the current share price

The dollar change for a comparative financial statement item is calculated by: Multiple Choice Subtracting the analysis period amount from the base period amount. Subtracting the base period amount from the analysis period amount. Subtracting the analysis period amount from the base period amount, dividing the result by the base period amount, then multiplying that amount by 100. Subtracting the base period amount from the analysis period amount, dividing the result by the base period amount, then multiplying that amount by 100. Subtracting the base period amount from the analysis amount, then dividing the result by the base amount.

Piechocki Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During May, the company budgeted for 6,100 units, but its actual level of activity was 6,050 units. The company has provided the following data concerning the formulas used in its budgeting and its actual results for May:

Data used in budgeting:

Fixed element per month Variable element per unit
Revenue - $32.60
Direct labor $0 $3.90
Direct materials 0 12.10
Manufacturing overhead 33,400 1.80
Selling and administrative expenses 28,300 0.40
Total expenses $61,700 $18.20
Actual results for May:


Revenue $200,564
Direct labor $22,786
Direct materials $73,824
Manufacturing overhead $43,922
Selling and administrative expenses $31,896

The direct labor in the planning budget for May would be closest to:_________

a. $23,010
b. $22,633
c. $22,786
d. $23,166

These financial conglomerates provide a range of services, such as investment banking, commercial banking, and financial advising. They are owned by members so that members can share funds among themselves. Members who save deposit the funds. These funds are then loaned to members who need the funds. With the use of advanced investment techniques, these largely unregulated portfolios are invested in securities. The investment objective is to offset potential losses by investing in counterbalancing securities. They are open to only a select class of investors.

Business ethics are

A) an individual’s personal set of values in the workplace.

B) the way a company interacts with employees and customers.

C) are universal principles that govern how people behave in life.

D) subject to expensive fines and legal prosecution.

Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June 2021, the company had accounts receivable of $920,000. Lonergan needs approximately $570,000 to capitalize on a unique investment opportunity. On July 1, 2021, a local bank offers Lonergan the following two alternatives:
A. Borrow $570,000, sign a note payable, and assign the entire receivable balance as collateral. At the end of each month, a remittance will be made to the bank that equals the amount of receivables collected plus 10% interest on the unpaid balance of the note at the beginning of the period.
B. Transfer $620,000 of specific receivables to the bank without recourse. The bank will charge a 3% factoring fee on the amount of receivables transferred. The bank will collect the receivables directly from customers. The sale criteria are met.
Required:
1. Prepare the journal entries that would be recorded on July 1 for:
a. alternative a.
b. alternative b.
2. Assuming that 70% of all June 30 receivables are collected during July, prepare the necessary journal entries to record the collection and the remittance to the bank for:____.
a. alternative a.
b. alternative b.

What is a transition?
A. An animation that happens on a single slide
B. An outline format that uses roman numerals
C. An image file imported to a title slide
D. An effect that happens between slides

The Lawrence Company records its trade accounts payable net of any cash discounts. At the end of 2016, Lawrence had a balance of $300,000 in its trade accounts payable account before any adjustments related to the following items: 1. Goods shipped to Lawrence FOB shipping point were in transit on December 31. The invoice price of the goods was $50,000, with a 2% discount allowed for prompt payment. 2. Goods shipped to Lawrence FOB destination on December 29 arrived on January 2, 2017. The invoice price of the goods was $9,000, with a 4% discount allowed for payment within 20 days. 3. On December 10, Lawrence had recorded a shipment received. The recorded invoice price was $24,750, net, with a 1% discount allowed for payment within 14 days. At the end of the year, payment had not been made. At what amount should Lawrence report trade accounts payable on its December 31, 2016 balance sheet

what is employment equity act?​

Assume that Amazon has a stock-option plan for top management. Each stock option represents the right to purchase a share of Amazon $1 par value common stock in the future at a price equal to the fair value of the stock at the date of the grant. Amazon has 4,900 stock options outstanding, which were granted at the beginning of 2020. The following data relate to the option grant. Exercise price for options $39 Market price at grant date (January 1, 2020) $39 Fair value of options at grant date (January 1, 2020) $6 Service period 5 years. The following data relate to the option grant.

Exercise price for options $38
Market price at grant date (January 1, 2017) $38
Fair value of options at grant date (January 1, 2017) $6
Service period 5 years

Required:
a. Prepare the journal entries for the first year of the stock-option plan.
b. Prepare the journal entries for the first year of the plan assuming that, rather than options, 700 shares of restricted stock were granted at the beginning of 2017.

Statute of frauds is used as a defense to a lawsuit and not as an offense. For example, S owns a lot that B wishes to purchase. They enter into a verbal contract whereby B will deliver $6,000 at noon on Friday to S, and S will provide B with the deed to the property. If either party breaches the contract for the sale of the real estate lot and is sued by the other party, the defendant may raise statute of frauds as a defense, saying that there is nothing in writing or signed by the defendant.

Required:
What is the result?

During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2018, you come across several items needing further consideration. Currently, net income is $88,000.
A. An insurance policy covering 12 months was purchased on October 1, 2018, for $16,800. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2018.
B. During 2018, the company received a $2,800 cash advance from a customer for services to be performed in 2019. The $2,800 was incorrectly credited to Service Revenue.
C. There were no supplies listed in the balance sheet under assets. However, you discover that supplies costing $2,150 were on hand at December 31, 2018.
D. Trojan borrowed $58,000 from a local bank on September 1, 2018. Principal and interest at 12% will be paid on August 31, 2019. No accrual was made for interest in 2018.
Required:
Using the information in a. through d. above, determine the proper amount of net income as of December 31, 2018.

The following information is from the annual financial statements of Raheem Company. Year 3 Year 2 Year 1 Net sales $ 436,000 $ 367,000 $ 421,000 Accounts receivable, net (year-end) 43,900 41,700 38,400 (1) Compute its accounts receivable turnover for Year 2 and Year 3. (2) Assuming its competitor has a turnover of 15.3, is Raheem performing better or worse at collecting receivables than its competitor

Caruso Inc., which produces a single product, has provided the following data for its most recent month of operations: Number of units produced 4,000 Variable costs per unit: Direct materials $ 39 Direct labor $ 71 Variable manufacturing overhead $ 5 Variable selling and administrative expense $ 8 Fixed costs: Fixed manufacturing overhead $ 220,000 Fixed selling and administrative expense $ 308,000 There were no beginning or ending inventories. The unit product cost under variable costing was: Multiple Choice

Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2019:
Date Amount
Description Purchased Basis Date Sold Realized
Stock A 1/23/1996 $7,900 7/22/2020 $5,020
Stock B 4/10/2020 15,300 9/13/2020 19,090
Stock C 8/23/2018 12,375 10/12/2020 17,510
Stock D 5/19/2010 5,750 10/12/2020 13,375
Stock E 8/20/2020 7,755 11/14/2020 3,825
1. What is Grayson's net short-term capital gain or loss from these transactions?
2. What is Grayson's net long-term gain or loss from these transactions?
3. What is Grayson's overall net gain or loss from these transactions?
4. What amount of the gain, if any, is subject to the preferential rate for certain capital gains?

The stockholders' equity accounts of Bramble Corp. on January 1, 2022, were as follows.
Preferred Stock (7%, $100 par noncumulative, 4,500 shares authorized) 270000
Common Stock ($4 stated value, 270,000 shares authorized) 900000
Paid-in Capital In Excess of Par Value-Preferred Stock 13500
Paid-in Capital in Excess of Stated Value-Common Stock 432000
Retained Earnings 619200
Treasury Stock (4,500 common shares) 36000
During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity.
Feb. 1 Issued 4,500 shares of common stock for $27,000.
Mar. 20 Purchased 900 additional shares of common treasury stock at $7 per share.
Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1.
Nov. 1 Paid the dividend declared on October 1.
Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022.
Dec. 31 Determined that net income for the year was $252,000. Paid the dividend declared on December 1.
Required:
1. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings).
2. Prepare the stockholders' equity section of the balance sheet at December 31, 2017.
3. Calculate the payout ratio, earnings per share, and return on common stockholders' equity.

Miao Clinic uses client-visits as its measure of activity. During July, the clinic budgeted for 3,000 client-visits, but its actual level of activity was 2,980 client-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for July: Data used in budgeting: Fixed element per month Variable element per client-visit Revenue − $39.80 Personnel expenses $26,500 $12.30 Medical supplies 1,400 8.20 Occupancy expenses 8,200 1.00 Administrative expenses 5,300 0.40 Total expenses $41,400 $21.90 Actual results for July: Revenue $114,494 Personnel expenses $60,564 Medical supplies $26,936 Occupancy expenses $10,980 Administrative expenses $6,192 The administrative expenses in the planning budget for July would be closest to:

During 2017, its first year of operations as a delivery service, Sarasota Corp. entered into the following transactions.
1. Issued shares of common stock to investors in exchange for $103,000 in cash.
2. Borrowed $45,000 by issuing bonds.
3. Purchased delivery trucks for $61,000 cash.
4. Received $18,000 from customers for services performed.
5. Purchased supplies for $4,900 on account.
6. Paid rent of $5,400.
7. Performed services on account for $12,000.
8. Paid salaries of $26,100.
9. Paid a dividend of $11,200 to shareholders.
Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes Liabilities or Stockholders' Equity in the far right column.

A shop can sell at most 200 pairs of socks and at most 100 pairs of shoes. To maximize the profit, they have decided to make 2 offers. Offer 1 is a package of 1 pair of socks and 1 pair of shoes. Offer 2 is a package of 3 pairs of socks and 1 pair of shoes. The shop sells offer 1 for 30$ and offer 2 for 50$. They also want to sell at least 20 packages of offer 1 and at least 10 packages of offer 2. How many packages of each offer do they have to sell to maximize the profit

Consider the assembly line of a laptop computer. The line consists of 9 stations and operates at a cycle time of 2.50 minutes/unit. Their most error-prone operation is step 3. There is no inventory between the stations, because this is a machine-paced line. Final inspection happens at station 9.

Required:
What would be the information turnaround time for a defect made at station 2?

Problem 5-13 Qualified Retirement Plans Including Section 401(K) Plans (LO 5.4) During 2020, Jill, age 39, participated in a Section 401(k) plan which provides for maximum employee contributions of 12%. Jill's salary was $80,000 for the year. Jill elects to make the maximum contribution. What is Jill's maximum tax-deferred contribution to the plan for the year